NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Tuesday, March 18, 2025

Nifty closed at 22,834.30, gaining 325.55 points (1.45%) in the previous session. The positive momentum is expected to continue as long as the index remains above the key intraday support level of 22,680.

Nifty opened on a strong note at 22,662.30 and maintained its upward trajectory throughout the session, reaching an intraday high of 22,857.80 before settling at 22,834.30. All sectoral indices ended in the green, with media, realty, auto, and PSU banks emerging as the top gainers. Market breadth was notably strong, with 2,111 stocks advancing, 664 declining, and 110 unchanged.

Among Nifty constituents, ICICIBANK, M&M, LT, and SHRIRAMFIN were the top gainers, while BAJAJFINSV, BHARTIARTL, TECHM, and RELIANCE registered losses.

Technically, the momentum indicators signal a positive trend, with the index closing above its short-term moving averages.   A white candle formation on the daily chart, coupled with a breakout above the 22,320–22,680 range, suggests a continuation of the uptrend. If Nifty sustains above 22,680, the uptrend is likely to continue, with the next short-term resistance at 23,250.

Intraday Levels: Support - 22775, 22700,22600 Resistance 22850, 22950-23050 (15-Minute Charts)

Positional Trading: Short-term support - 22680-22320 Resistance - 23250- 23800

In conclusion, Nifty's strong breakout above 22,680 and positive sectoral momentum indicate a continuation of the uptrend. If the index sustains above 22,775, it could move toward the next resistance at 23,250 in the coming sessions. However, traders should watch key support at 22,680, as a break below this level may lead to consolidation or mild profit booking. With market breadth firmly positive and momentum indicators favoring the bulls, the overall sentiment remains optimistic, suggesting further upside potential in the near term.

BANK NIFTY

In the previous session, Bank Nifty surged 960.35 points to close at 49,314.50, maintaining a strong positive trend. The index remains above its short-term moving averages and formed a white candle on the daily chart, closing near the day's high—an indication of sustained bullish momentum. On the downside, 4,8750 serves as key short-term support, and the uptrend is likely to continue if the index holds above this level. The next short-term resistance is seen at 49,750, while immediate intraday resistance and support are at 49,400 and 49,100, respectively.

Based on 15-minute charts, intraday traders should watch support at 49,400, 48,800, and 48,500, with resistance levels at 49,700 and 50,000.

For positional traders, 4,8750–47,750 is a crucial support zone, while resistance lies between 49,750–50,600.

The overall sentiment remains bullish, with further upside potential if resistance levels are breached.